Ripple Price Analysis: Potential Decline Below $0.5 Support

Ripple (XRP) is currently navigating a cautious market phase, recently bouncing back from the crucial $0.5 support level towards the 200-day moving average. However, a rejection at this resistance could reinforce the prevailing bearish trend.

Daily Chart Insights

On the daily chart, XRP has encountered renewed selling pressure, particularly after failing to maintain momentum near the 200-day moving average at $0.57. This level has proven to be a significant resistance point. If the price breaks below the 200-day MA, it indicates that sellers are gaining control. Ripple has found temporary support at the $0.5 level, a historically vital area that has provided a safety net for buyers over the past year.

As it stands, the asset is retracing toward the 200-day moving average. A rejection here could trigger further declines, potentially targeting the $0.46 mark.

4-Hour Chart Analysis

The 4-hour chart reveals a descending consolidation pattern, with Ripple trading within a key support zone defined by the 0.5 ($0.52) and 0.618 ($0.49) Fibonacci levels. This area has been a reliable support zone over the past months. Recently, Ripple formed a descending wedge pattern in the $0.49-$0.52 range, with buying activity pushing the price towards the upper boundary at $0.53.

A breakout above this level could signal a bullish reversal, potentially reaching the $0.55 resistance. However, given the current market sentiment and recent downward trends, a rejection at this threshold followed by a decline toward the $0.5 support appears to be the more likely scenario in the near term.